US banks climb as inflation concerns ease after US-Iran ceasefire

Shares of major U.S. banks climb premarket after the U.S. and Iran agree to a two-week ceasefire

JPMorgan Chase JPM.N, the biggest U.S. bank, climbs 2.5%, while Bank of America BAC.N gains 2.3%

Citigroup C.N, Wells Fargo WFC.N, Goldman Sachs GS.N and Morgan Stanley jump between 2.7% and 3.6%

Bank stocks had come under pressure over the past month as higher oil prices risked reigniting inflation and eroding consumers' financial strength

Market selloff had also dampened hopes for M&A activity, pressuring investment banks

Traders now hope that the Strait of Hormuz, a crucial waterway for global oil shipping, could reopen soon and calm energy supply concerns

YTD, the KBW bank index .BKX and the S&P 500 banks index .SPXBK have dropped 3.6% and 6.3%, respectively